Super Bowl Champion Charged With Insider Trading, Faces “Substantial Prison Time”
Mychal Kendricks, an NFL player on the Cleveland Browns, is facing “substantial prison time” after being charged with insider trading to make over $1.2 million in illegal profits four years ago. Black-ish writer Damilare Sonoiki is also being charged with assisting Kendricks.
Per ESPN, Kendricks, who won a Super Bowl ring with his former team the Philadelphia Eagles earlier this year, admitted to his wrongdoing. He is reportedly cooperating with authorities and will pay back every cent of the illegally-gained funds.
“To this point, I had worked my tail off since I was 5 years old to become a football player,” he said in a statement Wednesday (Aug. 29). “I was drawn in by the allure of being more than just a football player. While I didn’t fully understand all of the details of the illegal trades, I knew it was wrong, and I wholeheartedly regret my actions.”
Per the Wall Street-Journal, Sonoiki, a former investment banker, reportedly sent insider information along to Kendricks during a two-year period. In exchange for the information, Kendricks gave him $10,000, Eagles tickets and arranged for Sonoiki to meet singer Teyana Taylor.
“I sincerely apologize to my coaches, the owners, and my teammates on the Eagles and the Browns, the NFL, and the magnificent fans to whom I owe my career,” Kendricks continued. “I also apologize to my family, who I have failed in this. You all deserve better, and I will work my hardest to re-earn your trust and respect, serve as an advocate to educate others, and show you that I will never be involved in anything like this again.”
The Cleveland Browns issued a statement as well, saying that they are aware of the situation. Kendricks, a linebacker for the team, will not be traveling with the Browns to Detroit for Thursday’s preseason game against the Lions.